Christopher Gerald Hutter Sells 40,000 Shares of Ascent Industries (NASDAQ:ACNT) Stock

Key Points

• Director Christopher Gerald Hutter recently sold 40,000 shares of Ascent Industries stock at an average price of $12.11, totaling approximately $484,400, which represents an 11.16% decrease in his ownership.
• Ascent Industries reported a loss of ($0.08) earnings per share for its latest quarter, significantly missing the consensus estimate of $0.27, with revenues of only $18.65 million compared to expectations of $56.90 million.
• Institutional investors own 26.05% of Ascent Industries stock, with several large retirement systems and funds acquiring new positions during the second quarter.

Ascent Industries Co. (NASDAQ:ACNT - Get Free Report) Director Christopher Gerald Hutter sold 40,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $12.11, for a total transaction of $484,400.00. Following the completion of the transaction, the director owned 318,320 shares in the company, valued at approximately $3,854,855.20. This represents a 11.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Christopher Gerald Hutter also recently made the following trade(s):

• On Tuesday, August 19th, Christopher Gerald Hutter sold 470 shares of Ascent Industries stock. The stock was sold at an average price of $12.26, for a total value of $5,762.20.
• On Friday, August 15th, Christopher Gerald Hutter sold 169 shares of Ascent Industries stock. The stock was sold at an average price of $12.55, for a total value of $2,120.95.
• On Thursday, August 14th, Christopher Gerald Hutter sold 20,000 shares of Ascent Industries stock. The stock was sold at an average price of $12.51, for a total value of $250,200.00.
• On Wednesday, June 11th, Christopher Gerald Hutter sold 8,300 shares of Ascent Industries stock. The stock was sold at an average price of $13.45, for a total value of $111,635.00.
• On Tuesday, June 10th, Christopher Gerald Hutter sold 4,740 shares of Ascent Industries stock. The stock was sold at an average price of $13.58, for a total value of $64,369.20.

Ascent Industries Stock Performance

ACNT stock traded down $0.0250 during trading hours on Monday, hitting $12.2850. 12,470 shares of the stock were exchanged, compared to its average volume of 61,184. The company has a current ratio of 6.64, a quick ratio of 6.13 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $115.11 million, a P/E ratio of -42.31 and a beta of 0.63. The company has a 50-day simple moving average of $12.68 and a two-hundred day simple moving average of $12.48. Ascent Industries Co. has a 12 month low of $8.16 and a 12 month high of $13.70.

Ascent Industries (NASDAQ:ACNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.35). The firm had revenue of $18.65 million for the quarter, compared to the consensus estimate of $56.90 million. Ascent Industries had a negative return on equity of 2.52% and a negative net margin of 2.51%.

Institutional Trading of Ascent Industries

Several large investors have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Ascent Industries in the second quarter valued at approximately $29,000. Ameriflex Group Inc. acquired a new position in shares of Ascent Industries in the second quarter valued at approximately $38,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Ascent Industries in the second quarter valued at approximately $55,000. Bank of America Corp DE increased its stake in shares of Ascent Industries by 258.0% in the second quarter. Bank of America Corp DE now owns 4,475 shares of the company's stock valued at $56,000 after buying an additional 3,225 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Ascent Industries in the second quarter valued at approximately $134,000. 26.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Ascent Industries from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

About Ascent Industries

Ascent Industries Co an industrials company, produces and distributes stainless steel pipe and tube and specialty chemicals in the United States and internationally. The company operates through two segments, Tubular Products and Specialty Chemicals. It manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and ornamental stainless steel tubes for automotive, commercial transportation, marine, food services, construction, furniture, healthcare, and other industries.

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